Chapter 6
What Your Customers Can Tell You
IN THIS CHAPTER
Learning customer discovery
Identifying your target market
Forecasting customer demand for your products or services
You have no business without customers. Knowing this, it’s remarkable that so many entrepreneurs fail to plan their businesses around the needs of their customers. Doesn’t it make sense that if you design your business to fulfill a real customer need, you might have a ready market for your products and services?
Identifying a target market — the customers who are most likely to purchase from you — is perhaps the most important decision you’ll make about your business. You do so by conducting a thorough feasibility analysis of your business concept. (See Chapter 4 for an overview of feasibility analysis.) Everything else about your business may appear viable, but if you can’t demonstrate that sufficient customer demand exists, your business won’t get off the ground.
In this chapter, you discover how to research and interact with potential customers so that you can gather enough data to make an informed decision about the future of your business, as well as your strategy to get there.
Conducting Customer ...
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